In the midst of their growth spurt, internationally expanding businesses often end up using several locally operating accounting firms for organizing their financial management. This approach that at first glance seems quick and easy has its downsides, however: communication problems, differently paced processes and reporting that is slow and of varying quality often makes financial management rigid and resource-consuming, as the international expansion advances. Finding a reliable accounting firm and investigating local business legislation and regulations can also make entering a new market a complicated and long process.
The Staria ONE STOP® concept has been exclusively developed for internationally operating growth companies. The service concept provides a new and easy way to manage subsidiaries around the world – through one service partner and one customer-specific team. The overall picture of the company’s financial situation is formed fully transparently on one platform in real time, and your Nordic customer-specific team handles all daily financial management and HR matters. This means that your financial management is liberated from these unnecessary routines, and can now focus on analyses, planning and making forecasts based on accumulated reliable data.
The international concept can also be seamlessly combined with our other solutions that facilitate company growth, and especially the NetSuite business platform. Many of our customers have actually chosen a comprehensive financial management solution covering their whole corporation. Here are experiences of three strongly growing companies.
Relex: flexible partnership is crucial for growing companies
In 2016, software company RELEX specializing in supply chain management grew into the Nordic market leader in food supply chain design and optimizing. In 2018 Relex’s sales already amounted to 40 million euros, and it has grown at a steady rate of 50% per year. Recently, technology investment giant TCV made a 175 million euro investment – exceptional in Finland – to become a minority shareholder in RELEX, because it sees RELEX’s potential to grow into the global market leader in its field.
RELEX is a Staria ONE STOP service customer. Staria is responsible for the financial management of already five of its international market subsidiaries (Finland, Norway, Sweden, Germany, and France). Staria ONE STOP is an international platform for corporate financial management and payroll administration.
“Flexibility in partnership is vital for a growth company. When there are changes at RELEX, Staria is able to react quickly and keep things up to date. Even the difficult processes and projects have always been handled with proactive attitude by working out the noted points of development. Staria has been a partner who has made real changes when it’s needed,” says CFO Johan Haataja.
Wolt: including local partners in new countries quickly
Wolt has grown in a short span of time from being a local restaurant food ordering and delivery service into an international technology company and one of the flagships of the Finnish platform economy. The Wolt service currently covers over 2,000 restaurants. Wolt has been rapidly expanding its operations abroad, mainly in Europe. In 2018, six new countries joined those six countries from earlier years, and growth will continue similarly in 2019.
As Wolt is expanding internationally, it wanted a partner who understands the requirements of the Finnish customer and who, on the other hand, is also able to provide local assistance in the new countries in matters such as annual accounts, payroll, and taxation.
“We should give Staria credit for being quick in acquiring local partners,” compliments CFO Henna Mäkinen.
GreenEnergy Finland: system centralization improves processes
GreenEnergy Finland develops solutions for the use, management, and storage of solar power and delivers these together with their partner networks to private customers and companies – from detached houses to the Finlandia Hall, to Aalto University and the Helen powerplant in Suvilahti. The company has grown significantly in recent years, and the crown jewel of its development work is GEF Vision. A new smart mobile application or lobby display that works as a monitoring system with which the customer can keep track of their own solar power production and manage its consumption.
GreenEnergy Finland has been a Staria ONE STOP client for some years. Previously separate systems were combined under one cloud-based NetSuite system. Accounting and payroll services were centralized to be managed by one partner, a contact person and a team.
Sanna Vainikainen praises the decision, “I think centralizing information systems is a good solution overall and for us, it has worked very well. It has helped with processes because overlapping work stages have been eliminated. These services have brought us immense benefits because the financial management has well-defined processes and all information can be found in one place.”
Staria ONE STOP® in a nutshell
- An easy way to implement subsidiary financial management around the world through one service partner and one customer-specific team.
- The overall picture of the company’s financial situation on one platform transparently and in real time.
- A customer-specific Nordic team handles all daily financial management and HR matters.
Want to know more about international accounting services? Please contact me and let’s discuss how you can modernise your business.